Leader: Dr George Rivers, Dr Mita Bhattacharya and Dr Rebecca Valenzuela

Offered

Caulfield First semester 2008 (Day)
Caulfield First semester 2008 (Evening)
Caulfield Second semester 2008 (Evening)
Clayton Second semester 2008 (On-campus block of classes)

Synopsis

Microeconomics: scarcity; economic choice; economic systems; economic ideology; demand and supply analysis; consumer behaviour and elasticity; costs of production and profit maximisation; perfect competition and monopoly. Macroeconomics: aggregate demand and aggregate supply; Keynesian versus Neoclassical approaches; the money market and monetary policy; the government budget deficit and fiscal policy; the foreign exchange market and exchange rate policy; unemployment and inflation; the current and capital accounts.

Objectives

The learning goals associated with this unit are to:

• have a basic understanding of the methodology and principles of economics
• have a basic understanding of micro and macro economics
• present arguments and make decisions in the economic environment.

Assessment

Within semester assessment: 40%
Examination (2 hours): 60%

Contact hours

3 hours per week